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It's tough to deny that multi-family houses have more income potential than single-family houses, notes California realty agent Mike Kistner. For example, in lots of multi-family properties, the owner lives in one system and lease the other systems, which generates regular income to help cover the mortgage. Unless your single-family home is part of an HOA community that supplies basic services, you'll have to work with aid to deal with maintenance and repairs or do it all yourself.

Where some property owners choose a single-family home with a substantial yard and a lot of room to spread out, others prefer a multi-family residential or commercial property they can use to earn rental income. Others still choose a low-maintenance apartment or townhome that consists of HOA benefits like landscaping, snow elimination and outside maintenance. For the most part, single-family houses are "best for families that can manage the high-end of more space and personal privacy," says Ross.

Find other real estate types Apartments are well matched for anybody aiming to remain in a prime place near shopping, dining establishments and home entertainment options, frequently at a more budget-friendly expense than purchasing a condo or single-family house. Condos attract those trying to find lower-maintenance living, and a house with a sense of security and chances to be social with neighbors, to name a few aspects.

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Modular houses are luring to empty-nesters looking to scale down, couples searching for yard systems like tiny homes or families looking to upgrade their outdated residential or commercial properties in good but pricey neighborhoods. Single-family house Single-family houses are best for families who prefer a big lawn, personal privacy and lots of room to spread out, and who can afford the upkeep and maintenance.

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At in between 1,000 and 2,000 square feet, bungalows are a terrific alternative for young families trying to find a starter home, retired people wanting to downsize or property owners who want the single-family-home way of life without handling a huge residential or commercial property. Co-ops are usually found in significant cities, and they can be helpful for those trying to find security or neighbors who largely follow the building's guidelines and policies.